Canberra based founder Vikram Sharma and CEO QuintessenceLabs grabs $25M to scale quantum-safe cybersecurity solutions
Securing data against attacks is the wholly grail - and Canberra based
QuintessenceLabs seems to have solved a piece of this cybersecurity puzzle through quantum random number generators and advanced data access control software.
The investors
Capital Property Group.
Why did they invest?
“As computing power increases exponentially, the tools needed to secure critical data and assets must stay several steps ahead,” said Bill Bartee, partner of Main Sequence
The money will be used to expand its customer base, including private and public organizations in financial services, cloud providers, government agencies and defense sectors globally,
What it does
QuintessenceLabs uses quantum physics to build data security tools and has developed qStream, a quantum random number generator (QRNG) that provides encryption keys with full entropy, which means they are truly random.
“It’s taken us 10 years to be an overnight success - getting the technology right and preparing for commercial adoption,” Sharma said. “And there is still a long way to to go”
Aus to The world
The Australia-headquartered company opened an office in the U.S. in 2013 with an initial team of three people to make a more significant commitment to the U.S.
A breakthrough came last year, by making the approved products list for a $2 billion program run by the U.S. Department of Homeland Security, focused on strengthening data protection across participating agencies.
The money will be used to expand into the USA and UK markets and is currently developing partnerships in Japan and India.
So what is Quantam Computing anyway?
CSIRO recently released a report on Australia’s quantum industry in which it forecasts an $86 billion global market size in the quantum industry by 2040 - of which communications and cybersecurity market is expected to account for about $16 billion
The report predicts Australia’s quantum technology is projected to generate more than $4 billion in revenues and 16,000 new jobs by 2040,
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